BOROUGH FINANCE.
LOANS HELD UP. THE GOVERNMENT RESTRICTIONS. The flotation of the £72,000 and £57,000 Loans is still held up, sta/ea this General Manager of the New Plymouth Borough Council in his monthly report for January, issued yesterday, owing to the Government insisting upon the condition that the debentures shall be sold at such a price as will not return to the investor more than 5 per cent upon his investment, ' The report proceeds:—The attitude of tlie Government in this matter is. very hard fo understand, and is certainly extremely inconsistent. The Christchurch Tramway Board and also another local authority have been permitted to rais" money at 5.] per cent. The result has' been rha« a large amount of money intended to have been invested in New Plymouth debentures lias been diverted to other centres. The attitude of the Government has already caused this Borough considerable inconvenience, and if,persisted in a very serious position will arise in connection with the hydro-electric extensions. It is hoped that a deputation from the Council will be able to proceed to Wellington this week to place the whole position before the Minister of Finance.
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Taranaki Daily News, 15 July 1920, Page 6
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190BOROUGH FINANCE. Taranaki Daily News, 15 July 1920, Page 6
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